After all, why the owner of Samsung will have to pay 75,000 crore rupees as tax - Newztezz Online

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Friday, April 30, 2021

After all, why the owner of Samsung will have to pay 75,000 crore rupees as tax


Samsung's successor Lee Jae-yong, one of South Korea's largest business houses and members of chairman Lee Kun Hee's family, will have to pay $ 10.8 billion in taxes. 
They have to pay this amount of tax as inheritance tax.

The amount will be given in 6 installments

The family has decided to pay the entire amount of the tax in 6 installments within the next five years. On Wednesday from Samsung, it has been told that it will start from this month. The family had a legal deadline to file tax returns until Friday. This amount is the largest amount paid as South Korea's heritage tax. Former chairman Lee Kun died in October last year. Under Samsung, it comes with Samsung Electronics, Samsung Life and Samsung C&T as well as real estate business.

Will sell expensive artifacts

It has been said by Samsung that the amount to be paid under the legacy bill is half the amount of the total asset of Lee. South Korea collects up to 60 per cent of tax from inherited property. It has not been told by Samsung yet how this amount will be distributed among the rest of the family. From the personal art collection of former chairman Lee Kun on behalf of the family, about 23,000 pieces will be donated and this amount of tax will be repaid.

Artworks will be donated to the National Museum

These art pieces will be given to national organizations. The art collection that will be given includes paintings by Claude Monet, Joan Miró and Salvador Dali, in addition to Mark Chagall, Pablo Picasso and Paul Gouguin. Also included are names such as Korean artists Kim Whanki, Park Soo Keum, Lee Jung Siop and Chang Youshin. All these will be given to the National Museum made for Modern Art of South Korea. One trillion dollars will also be given by Lee family for many charitable works.

Successor accused of bribe of 200 crores

At the same time, Lee Jae-yong, vice-chairman of Samsung and successor of Lee Kun, is currently serving a sentence in prison in a corruption case. Yong is accused of bribing former President Park Gwen-hee's ally for his own benefit. Former Samsung president Park Jiun Hee is also involved in the case. After the father's death, Yong took charge of the company in the year 2 014. In 2017, the Seoul High Court framed charges against him and was sentenced to five years. Lee was accused of paying $ 27.4 million, or about 200 crore rupees.

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